Qashio fintech enters MENA market with $2.5m pre-seed fund

Qashio fintech enters MENA market with $2.5m pre-seed fund
(qashio.com)
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Updated 16 February 2022

Qashio fintech enters MENA market with $2.5m pre-seed fund

Qashio fintech enters MENA market with $2.5m pre-seed fund

UAE-based finance and human resources fintech Qashio raised $2.5 million in a pre-seed round, led by venture capital firm MSA NOVO.

The money will be used by the firm to expand its operations team and customer support, and improve current features and integrations with rewards programs, MAGNiTT reported.

Qashio is designed to help finance and human resources departments have greater control over expense reporting, visibility, and cash flow.

“Businesses in the MENA region have been operating with limited ability to issue cards and manage employee expenses,” Jonathan Lau and Armin Moradi, Co-founders of Qashio, told MAGNiTT.

Qashio has over fifty customers across UAE and Saudi Arabia.

Those participating in the round included Rally Cap Ventures, Palm Drive Capital, and Plug and Play Ventures. 

Executives from Grubtech, Danske Bank, Two Sigma, and Xiaomi also took part.


TASI starts flat following market uncertainty over oil price shifts: Opening bell

TASI starts flat following market uncertainty over oil price shifts: Opening bell
Updated 16 sec ago

TASI starts flat following market uncertainty over oil price shifts: Opening bell

TASI starts flat following market uncertainty over oil price shifts: Opening bell

RIYADH: Saudi stock started Monday’s session flat with the market uncertain over oil price fluctuations.

As of 10:07 a.m. Saudi time, TASI and the parallel market Nomu opened at 12,227 and 21,780, respectively.

Middle East Paper Co. topped the gainers with a 5.51 percent gain, following a 216 percent increase in first-half profits.

Wafrah for Industry and Development Co. gained 2.67 percent, following the signing of a $4 million contract with German GEA Food for meat production.

Bank Albilad rose 0.60 percent, following the announcement of the establishment of Enjaz Payment Services Co., a closed joint stock company located in Riyadh.

Almarai Co. fell 0.56 percent, following the announcement of the re-appointment of Prince Naif bin Sultan bin Mohammed bin Saud Alkabeer as chairman and Suliman Al Muhaideb as vice chairman.

The Kingdom’s oil giant Saudi Aramco started the day with a 0.13 percent increase, while the Kingdom’s largest valued bank Al Rajhi added 0.12 percent.

In energy trading, Brent crude settled at $96.03 a barrel and US West Texas Intermediate at $90.07 a barrel, as of 10:12 a.m. Saudi time.


Oil Updates — Crude edges up; Mexico, Venezuela help Cuba to fight oil fire

Oil Updates — Crude edges up; Mexico, Venezuela help Cuba to fight oil fire
Updated 14 min 27 sec ago

Oil Updates — Crude edges up; Mexico, Venezuela help Cuba to fight oil fire

Oil Updates — Crude edges up; Mexico, Venezuela help Cuba to fight oil fire

RIYADH: Oil prices edged up from multi-month lows on Monday as investors’ appetite improved following data on US jobs and Chinese exports that eased recession concerns.

Brent crude futures had risen 22 cents, or 0.2 percent, to $95.14 a barrel by 0439 GMT. 

US West Texas Intermediate crude was at $89.18 a barrel, up 17 cents, or 0.2 percent.

Cuba gets help from Mexico, Venezuela to fight oil fire

Cuba appeared to make progress on Sunday bringing under control a fire at its main oil storage facility that has killed one firefighter, drawing on help from Mexico and Venezuela to fight the raging flames.

A lightning strike on Friday ignited one of eight storage tanks at the Matanzas super tanker port 60 miles east of Havana. A second tank caught fire on Saturday, catching firefighters and others at the scene by surprise. Sixteen people were missing.

Susely Morfa Gonzalez, head of the Communist Party in Matanzas, told local reporters “there are no flames at this time, only white smoke” coming from the first tank hit by lightning.

She said a second tank was still burning, sending up a huge column of black smoke, while a third, which on Saturday night officials feared would explode “is being cooled with water at intervals, in order to maintain an adequate temperature that prevents combustion.”

A secondary fire feeding off oil leaking from the area was also extinguished. No oil had contaminated Matanzas Bay, officials said.

The second explosion on Saturday injured more than 100 people, many first responders, and 24 remain hospitalized, five of those in critical condition.

On Sunday, 82 Mexican and 35 Venezuelan personnel experienced in combating fuel blazes joined the effort, bringing four planeloads of fire-fighting chemicals.

“The help is important, I would say that it is vital and it is going to be decisive,” Diaz-Canel said. 

(With input from Reuters) 


Here’s what you need to know before Tadawul trading on Monday

Here’s what you need to know before Tadawul trading on Monday
Updated 47 min 34 sec ago

Here’s what you need to know before Tadawul trading on Monday

Here’s what you need to know before Tadawul trading on Monday

RIYADH: Saudi stocks started the week lower on Sunday, after worries over recession pushed oil prices to their lowest levels since February.

TASI closed 0.6 percent down at 12,216 points, while the parallel Nomu market lost 0.3 percent to 21,776 points.

The Kingdom posted a SR77.9 billion ($20.8 billion) budget surplus during the second quarter of 2022, the Ministry of Finance reported. 

Elsewhere, Qatar and Bahrain ended flat, while Kuwait and Oman slipped 0.4 and 0.3 percent, respectively.

Outside the Gulf, the Egyptian primary index extended gains by 0.9 percent, after adding over 5 percent in the prior session.

In energy trading, Brent crude reached $95.69 a barrel by 9:07 a.m. Saudi time on Monday, while US West Texas Intermediate reached $89.64 a barrel.

Stock news

Almarai Co. re-appointed Prince Naif bin Sultan bin Mohammed bin Saud Alkabeer as chairman and Suliman Al Muhaideb as vice chairman

Bank Albilad established a closed joint stock company in Riyadh, Enjaz Payment Services Co., with a capital of SR200 million

Wafrah for Industry and Development Co. signed a contract with German food solutions firm GEA to manufacture and supply frozen and cooked meat processing lines

Middle East Paper Co. posted a 216 percent leap in profits during the first half of 2022 to SR192 million

Raoom Trading Co.’s shareholders approved a 25% capital increase plan to SR62.5 million

Alakaria’s unit Al Widyan Saudi Real Estate Co. will reduce its capital from SR100 million to SR500,000

Middle East Healthcare Co. reported a 46 percent profit surge to SR31 million for the first half of 2022

Makkah Construction and Development Co. was suspended from trading due to its failure to announce financial results in the specified period by the Saudi Exchange

International Human Resources Co. set its price guidance for a direct listing on Nomu at SR34 per share

Calendar

August 8, 2022

Start of Naba Alsaha Medical Services Co.’s IPO subscription

August 9, 2022

Alamar Foods Co. will start trading its shares on the Saudi Exchange

August 14, 2022

Saudi Aramco will announce its financial results for the second quarter of 2022

Close of Naba Alsaha Medical Services Co.’s IPO subscription


Saudi Wafrah signs $4m contract with German GEA Food for meat production

Saudi Wafrah signs $4m contract with German GEA Food for meat production
Updated 08 August 2022

Saudi Wafrah signs $4m contract with German GEA Food for meat production

Saudi Wafrah signs $4m contract with German GEA Food for meat production

RIYADH: Saudi food firm Wafrah for Industry and Development Co. has signed a contract with German GEA Food Solutions, one of the world’s largest manufacturers of food lines and plants.

Under the $4 million contract, GEA Food Solutions will manufacture and supply highly automated lines for processing and packaging frozen and cooked meats for Wafrah, according to a bourse filing.

Wafrah said the company will start upgrading its production capacity and revenue in the second half of 2023.


Bank Albilad launches $53m wholly owned payments arm Enjaz

Bank Albilad launches $53m wholly owned payments arm Enjaz
Updated 08 August 2022

Bank Albilad launches $53m wholly owned payments arm Enjaz

Bank Albilad launches $53m wholly owned payments arm Enjaz

RIYADH: Saudi-based Bank Albilad has established a wholly owned payments arm in Riyadh with SR200 million ($53 million) capital, according to a bourse filing.

Enjaz Payment Services Co., licensed by the Saudi Central Bank as a Major Electronic Money Institution, will handle all payments and remittances activities currently operated as a business division in the bank.

The incorporation of Enjaz is in line with Bank Albilad’s strategy and any major developments in this regard will be announced in due course, it said.